Debt platform CredAvenue on Wednesday announced it has raised $90 million in equity capital in a funding cycle driven by Sequoia Capital, and co-led by Lightspeed, TVS Capital Funds, Lightrock and others. The funding values the company at around $410 million.
Avendus Capital was the particular financial consultant to CredAvenue on the transaction.
CredAvenue’s debt platform proposes lending organizations and businesses solutions for discovery and execution over a wide variety of products. To date, the startup has expedited transactions worth around $9 billion by the platform, engaging with over 1,500 institutional borrowers and more than 750 financers and 1 million end-retail borrowers.
The funds raised in this round will expand product abilities and ramp up the platform’s technology and data science foundation. The company aims to spend heavily in data science, machine learning and AI over the next few months to significantly upgrade and expand its product offerings across each of its sub platforms.
“At CredAvenue, our objective is to revolutionize the debt market through technology and innovation. We are the only enterprise debt platform offering all forms of debt, both in India and globally, and this reflects in the scale of business done by our platform since inception. We are delighted to welcome the Series A investors to our journey. They will catalyze our mission with capital and guidance, to keep expanding our lead in this market,” stated Gaurav Kumar, Founder & CEO.
CredAvenue has over 350 workers spanning various verticals – technology, sales, marketing, strategy, human resource. It assumes to double its headcount to 700 by the end of FY22. The organization also plans on international expansion and inorganic growth through strategic acquisitions.
The firm has a portfolio of five platforms providing to both borrowers and investors: CredLoan – term lending and working capital resolutions for companies; CredCoLend – for banks and NBFCs for co-lending partnerships; Plutus – bond issuance and investment for institutional and retail associates; CredSCF – trade financing solutions and CredPool – end-to-end securitization and portfolio buyouts.
In extension, the business also offers portfolio management and monitoring services as a SaaS offering to its borrowers and lenders.